payday loans and chapter 7

[liz417]

I know personally how bad and addictive payday loans are. And they aim for the poor and disadvantaged people...the ones that they know cant pay them back. So what do people start doing...robbing Peter to pay Paul of course...or in this case borrowing from Check and Go to pay Check into Cash. Get it?

It is a vicious cycle...all those places are "Legal Loan Sharks"

I will be so Happy when they shut all those places down!

I agreee, I've used them ONCE because I fell short on a car payment (forgot to record in my checkbook ), I didn't want to overdrawn my account and leave myself nothing for the next week. The following week when I went back in to pay the "loan" the girl asked, "do you need another advance" and when I said "no", she was like, ARE YOU SURE?!?" I can see how people get "sucked" into the vicious cycle.

[WillinVT]

It is a vicious cycle...all those places are "Legal Loan Sharks"

I think Loan Sharks have better interest rates. But, they do break legs if you don't pay.

[Bell30656]

I don't think the loan sharks obey the Temporary Stay granted by the filing of the Chapter 7 either.

[banca rotta]

The one thing that stuck out the most from the commercial was at the end in the fine small print where it said something like "90% to 99%" interest rate on the loan.

That is insane. These companies that offer these loans should be illegal.

Anyway, best of luck to you in your chapter 7 case.

I agree but there seems to be a high demand for this product even when their customers know these rediculas terms.


Credit card companies make up the rules as they go along. Typical "bait-and-switch".

These pay day loan services terms are written in stone from the start. I can't even believe it when I first saw the 90 to 99% APR that these scammers still survived.

[UhhhOhhh]

Even though I have never taken out a Payday loan (thank goodness), I have heard a lot of horror stories about them at a different forum I use to read before I found this wonderful place

I remember I use to see commercials for them all the time, but I haven't seen one in probably 6 to 8 months.

The one thing that stuck out the most from the commercial was at the end in the fine small print where it said something like "90% to 99%" interest rate on the loan.

That is insane. These companies that offer these loans should be illegal.

Anyway, best of luck to you in your chapter 7 case.

99% interest rate?? wow thats a good rate! I was just reading the fine print on a Rent A Center place.. and THEIR interest rate was 888% APR on a month to month basis (whatever that means) !!!

[cetiya]

unfortunately i use them a lot. when i borrow 100 bucks, i have to pay back 115.00 i am in a cycle, but i dont borrow too much at one time, just enough to make it to the next time. hopefully I'll get to a point where i wont need them.